Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Biological assets | 1,108,700 | 1,087,400 | ||
1,988,424 | 1,632,492 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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2,984,401 | 2,652,891 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 944,628 | 881,866 | ||
Total assets less current liabilities | 2,933,052 | 2,514,358 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net assets attributable to members |
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Represented by | ||||
Members' other interests | ||||
Members' capital classified as equity | 2,286,570 | 2,286,570 | ||
Other reserves | 186,482 | 97,788 | ||
2,473,052 | 2,384,358 | |||
2,473,052 | 2,384,358 | |||
Total members' interests | ||||
Members' other interests | 2,473,052 | 2,384,358 | ||
2,473,052 | 2,384,358 |
Members' responsibilities:
The financial statements of Denning/Trewithen LLP (registered number:
R G Denning
Designated member |
S T J Galsworthy
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Denning/Trewithen LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Trenithon Chancellor, Probus, Truro, TR2 4HQ, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Leasehold improvements |
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Plant and machinery |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Biological assets not held for continuing use within the business are included within stocks. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise dairy followers and tillages.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.
All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.
2023 | 2022 | ||
Number | Number | ||
Average number of members during the financial year | 2 | 2 |
Leasehold improve- ments |
Plant and machinery | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 October 2022 |
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Additions |
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At 30 September 2023 |
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Accumulated depreciation | |||||
At 01 October 2022 |
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Charge for the financial year |
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At 30 September 2023 |
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Net book value | |||||
At 30 September 2023 |
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At 30 September 2022 |
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2023 | 2022 | ||
£ | £ | ||
Livestock |
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Crops |
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Included within crops is £35,680 (2022: £32,480) of current biological assets being tillages.
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£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank overdrafts (secured) |
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Trade creditors |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Other related party transactions
During the year there have been transactions with R G Denning & Son. Income of £983,564 (2022: £599,869), expenses of £2,685,421 (2022: £1,937,291) and assets of £26,376 (2022: £260,013) have been recognised in the LLP at market value. Included within the expenses is a contractual charge of £1,185,870 (2022: £915,000) for farm management services provided by the partnership. At the year end, included within other creditors, is a balance owing to the partnership of £224,352 (2022: £682,076). This is interest free and repayable on demand. The assets recognised on the LLP's balance sheet of £327,804, which have been transferred from the partnership in the past three years, are held on hire purchases agreements in the partnership and the LLP reimburses them for the monthly repayments.